InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands, is seeking at least $1 billion from the sale of a Hong Kong hotel, people with knowledge of the matter said.

The Denham, England-based company hired Jones Lang LaSalle Inc. to find a buyer for the InterContinental Hong Kong Hotel, the people said. It aims to complete the sale by March, according to one of the people, who asked not to be identified as the details are private.

InterContinental has been reducing its property holdings over the last decade to focus on operating hotels rather than owning them. The Hong Kong hotel’s revenue per available room, an industry measure of occupancy and rates, rose 5.4 percent in the third quarter on increased business from tour groups and corporate events, Chief Financial Officer Paul Edgecliffe- Johnson said on an Oct. 21 earnings call.

The five-star property, located along the harborfront in the city’s Tsim Sha Tsui shopping district, has 503 rooms and Hong Kong’s largest presidential suite at 7,000 square feet, according to its website. It is home to Spoon by Alain Ducasse, a French eatery that has won two Michelin stars, and an outpost of Japanese chef Nobu Matsuhisa’s namesake restaurant.

Carole Klein, a spokeswoman for InterContinental Hong Kong, declined to comment. Yvonne Liu, a Hong Kong-based spokeswoman for Jones Lang LaSalle, said she couldn’t immediately comment.

The 17-story property, which opened in 1980 as the Regent Hong Kong hotel, was previously owned by Hong Kong billionaire Cheng Yu-tung’s New World Development Co. New World sold the hotel in 2001 for 241 million pounds ($346 million).

–With assistance from Klaus Wille in Singapore.

To contact the reporter on this story: Vinicy Chan in Hong Kong at To contact the editors responsible for this story: Philip Lagerkranser at 

Photo Credit: The lobby of the InterContinental Hong Kong. InterContinental Hotels